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S. KOREA'S RAW MATERIAL, ENERGY IMPORTS TO HIT RECORD HIGHS.
SEOUL, Dec 3 Asia Pulse - South Korea's raw material and energy resource imports are expected to reach record highs this year, the government said Sunday.
The Ministry of Commerce, Industry and Energy said the value of those imports needed to fuel the country's industries could surpass the US$100 billion mark for the first time this year. South Korea is a resource-poor country which must import raw materials to make more value-added manufactured goods.
It said as of late October, the country had imported $85.6 billion worth of raw materials and energy resources, up 6.5 per cent compared to the same 10-month period in 2006. South Korea imported $97.2 billion worth of the materials and resources last year.
"With demand for crude oil and natural gas likely to go up in the winter months, there is a strong possibility that imports will set new records," said a ministry source.
He said an increase in domestic demand is one reason that more money is being spent to buy materials from abroad, and external developments are exacerbating the situation. A sharp rise in demand from large emerging economies like China and India has caused prices ...
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Source: HighBeam Research, S. KOREA'S RAW MATERIAL, ENERGY IMPORTS TO HIT RECORD HIGHS.